--> SPG +0.38%
Simon Properties misses by $0.04, misses on revs; guides FY17 FFO below consensus; increases quarterly dividend 10% QoQ to $1.75/share
- Reports Q4 (Dec) funds from operations of $2.53 per share, $0.04 worse than the Capital IQ Consensus of $2.57; revenues rose 3.3% year/year to $1.43 bln vs the $1.47 bln Capital IQ Consensus.
- Co issues downside guidance for FY17, sees FFO of $11.45-11.55 vs. $11.69 Capital IQ Consensus Estimate.
- Occupancy was 96.8% at December 31, 2016 compared to 96.1% at December 31, 2015. Base minimum rent per square foot was $51.59 at December 31, 2016, an increase of 5.4% compared to the prior year period. Leasing spread per square foot for the trailing 12-months ended December 31, 2016 was $7.82, an increase of 12.7%.
- Total portfolio NOI growth for the twelve months ended December 31, 2016 was 6.7% and was 5.6% for the three months ended December 31, 2016.
- Today Simon's Board of Directors declared a quarterly common stock dividend of $1.75 per share. This is an increase of $0.10 from the previous quarter, and a year-over-year increase of 9.4%.